GHO is a decentralized, overcollateralized stablecoin native to the Aave Protocol. Pegged to the US dollar, GHO is designed to bring transparency, stability, and capital efficiency to DeFi lending and borrowing ecosystems. Unlike traditional stablecoins issued by centralized entities, GHO is governed by the Aave DAO and backed by a diversified set of crypto assets supplied as collateral on the Aave protocol. GHO is minted by borrowing against collateral within Aave’s ecosystem. Users who deposit supported assets into Aave can mint GHO directly, maintaining overcollateralization and enabling decentralized control over issuance. Interest paid on GHO loans is directed to the Aave DAO treasury, supporting a sustainable and community-governed monetary policy. A unique feature of GHO is the concept of Facilitators: protocols or modules approved by Aave governance that are granted the right to mint and burn GHO under specific conditions and limits. This allows for flexible, modular expansion of the GHO supply while maintaining system safety. GHO’s smart contract infrastructure ensures full transparency, auditability, and decentralized control. It is designed to be multichain and interoperable, with plans to expand across various L2 and EVM-compatible networks. As an Aave-native stablecoin, GHO strengthens the protocol’s role in DeFi and offers users a decentralized alternative to centralized stable assets.
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